Money definitely plays a big role. I don't think it plays too much of one in terms of fans, though, as it's pretty cheap to watch at home/at the bar and it can still be affordable to go to a game depending on where you're sitting.
I do think the money required to enter the sport plays a big factor though. It has to be the most expensive by far, even if your kid is just going out playing pickup at an outdoor rink, the cost is what... 100x times higher than a bunch of kids grabbing a basketball and finding an empty outdoor court?
Hockey is most definitely a rich person's sport and still very much a white sport (though that's changing over time). Perhaps that plays a role in its limited appeal and ageing fan demographic? Combined with repeated issues over the bro culture in hockey, there are a lot of little things that go against the long-term viability of professional hockey.
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